Equipment House profit up 88% to SAR 16.5M in H1 2024; Q2 at SAR 7.7M

Equipment House profit up 88% to SAR 16.5M in H1 2024; Q2 at SAR 7.7M

07/08/2024 Argaam Exclusive

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Scientific & Medical Equipment House Co. (Equipment House) posted a SAR 16.5 million net profit after minority interest for H1 2024, an 88% increase from SAR 8.8 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 355.72 434.58 22.2 %
Gross Income 60.77 71.61 17.8 %
Operating Income 20.56 30.33 47.5 %
Net Income 8.80 16.43 86.7 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.29 0.55 86.7 %

The profit rise was supported by a 22% revenue increase year-on-year (YoY) due to commencing five new projects and the 64% YoY rise in sales of medical equipment.

 

The company's Q2 net profit surged to SAR 7.7 million compared to SAR 1.94 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 190.78 215.40 12.9 %
Gross Income 29.89 34.90 16.8 %
Operating Income 8.27 17.60 112.9 %
Net Income 1.94 10.80 456.8 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.06 0.36 456.8 %

Quarter-on-quarter net earnings fell 12.2% from SAR 8.77 million in Q1 2024.

 

Shareholders' equity, excluding minority interest, rose to SAR 522.4 million as of June 30, 2024, compared to SAR 476.4 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 151.56 - 32.66 - 19.39 -
Q2 2021 166.08 - 43.72 - 27.30 -
Q3 2021 176.51 - 37.54 - 19.21 -
Q4 2021 205.30 - 39.07 - 17.52 -
Q1 2022 162.56 7.3 % 37.92 16.1 % 21.84 12.7 %
Q2 2022 176.30 6.1 % 46.82 7.1 % 22.17 (18.8 %)
Q3 2022 186.07 5.4 % 36.03 (4.0 %) 15.94 (17.1 %)
Q4 2022 188.89 (8.0 %) 34.08 (12.8 %) (22.44) (228.1 %)
Q1 2023 164.94 1.5 % 30.88 (18.6 %) 12.30 (43.7 %)
Q2 2023 190.78 8.2 % 29.89 (36.2 %) 8.27 (62.7 %)
Q3 2023 206.60 11.0 % 35.60 (1.2 %) 26.70 67.5 %
Q4 2023 231.78 22.7 % 35.31 3.6 % 23.14 203.1 %
Q1 2024 217.76 32.0 % 37.74 22.2 % 15.53 26.3 %
Q2 2024 215.40 12.9 % 34.90 16.8 % 17.60 112.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 19.19 - 0.64 3.74 15.45 0.52
Q2 2021 23.92 - 0.80 - 23.92 0.80
Q3 2021 16.97 - 0.57 - 16.97 0.57
Q4 2021 17.45 - 0.58 - 17.45 0.58
Q1 2022 16.73 (12.8 %) 0.56 - 16.73 0.56
Q2 2022 17.36 (27.4 %) 0.58 - 17.36 0.58
Q3 2022 8.79 (48.2 %) 0.29 - 8.79 0.29
Q4 2022 (25.31) (245.0 %) (0.84) - (25.31) (0.84)
Q1 2023 6.86 (59.0 %) 0.23 - 6.86 0.23
Q2 2023 1.94 (88.8 %) 0.06 - 1.94 0.06
Q3 2023 19.80 125.3 % 0.66 - 19.80 0.66
Q4 2023 13.59 153.7 % 0.45 - 13.59 0.45
Q1 2024 8.77 27.8 % 0.29 - 8.77 0.29
Q2 2024 10.80 456.8 % 0.36 - 10.80 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 21.87 % 13.81 % 10.55 %
Q1 2022 22.27 % 14.03 % 10.57 %
Q2 2022 22.39 % 13.20 % 9.51 %
Q3 2022 21.89 % 12.78 % 8.26 %
Q4 2022 21.69 % 7.64 % 2.46 %
Q1 2023 20.64 % 6.45 % 1.08 %
Q2 2023 17.91 % 4.70 % (1.06 %)
Q3 2023 17.37 % 6.26 % 0.44 %
Q4 2023 16.58 % 11.62 % 5.31 %
Q1 2024 16.36 % 11.33 % 5.21 %
Q2 2024 16.47 % 11.99 % 6.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 30.00 - - -
Q2 2021 30.00 - - 14.70
Q3 2021 30.00 - - -
Q4 2021 30.00 2.58 2.46 15.78
Q1 2022 30.00 2.50 2.50 16.34
Q2 2022 30.00 2.28 2.28 16.25
Q3 2022 30.00 2.01 2.01 16.54
Q4 2022 30.00 0.59 0.59 15.68
Q1 2023 30.00 0.26 0.26 15.91
Q2 2023 30.00 (0.26) (0.26) 15.97
Q3 2023 30.00 0.11 0.11 16.56
Q4 2023 30.00 1.41 1.41 17.03
Q1 2024 30.00 1.47 1.47 17.32
Q2 2024 30.00 1.77 1.77 17.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 21.32 21.32 3.27
Q2 2022 18.98 18.98 2.67
Q3 2022 21.69 21.69 2.64
Q4 2022 69.58 69.58 2.60
Q1 2023 More than 100 More than 100 2.93
Q2 2023 NEG NEG 3.24
Q3 2023 More than 100 More than 100 2.79
Q4 2023 33.95 33.95 2.80
Q1 2024 35.99 35.99 3.05
Q2 2024 29.12 29.12 2.92

Business Segments (Million)

Compared With The
Period Operation and maintenance Sales of medical devices and revenue from after-sales maintenance services Construction Medications and Medical Supplies Meat and Food Eliminations
Q1 2021 123.04 8.50 10.54 7.37 2.34 (0.22)
Q2 2021 137.92 8.50 10.44 8.00 2.87 (1.64)
Q3 2021 145.75 12.85 8.66 5.88 4.01 (0.65)
Q4 2021 164.19 33.17 20.44 (4.60) 1.30 (9.20)
Q1 2022 130.15 11.47 11.04 8.94 3.48 (2.51)
Q3 2022 144.11 11.32 15.37 14.70 1.19 (0.62)
Q4 2022 142.97 27.07 26.12 (5.58) 0.97 (2.66)
Q1 2023 132.79 14.34 10.87 9.24 1.86 (4.17)
Q2 2023 156.37 15.33 8.78 10.49 1.83 (2.01)
Q3 2023 184.52 13.05 9.54 0.18 1.75 (2.43)
Q4 2023 188.81 28.59 15.81 3.38 2.67 (7.49)
Q1 2024 178.91 22.31 11.94 4.02 4.93 (4.35)
Q2 2024 183.30 19.83 12.86 2.75 3.04 (4.97)

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 12.00 7.66 (36.2 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 12.00 7.66 (36.2) %


Financial Ratios
Current
Market Cap (M Riyal) 1,563.00
Enterprise Value (EV) (M) 1,770.09
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 1.53
Book Value (BV) ( Riyal) 17.78
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.01
P/E (TTM) 34.01
Price/book 2.93
Return on Average Assets (%) (TTM) 4.3
Return on Average Equity (%) (TTM) 8.9
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Share Price

Scientific and Medical Equipment House Co.
52.10
0.40 0.77 %

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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